New Brunswick Insurance Board orders The Dominion to revise its 2010 rate filing

The New Brunswick Insurance Board has ordered The Dominion to change its  2010 private passenger rate filing application from a 0.49% increase to a 3.3% decrease, retroactive to Mar. 1, 2010 for new business and May 1, 2010 for renewal business. The board held the rate hearing in April 2011 after a Court of Appeal decision kicked the board’s initial approval of a 0.49% rate increase – which would bump a $759 premium up slightly to $763 – back to the board for a review.At its re-hearing in 2011, the board found The Dominion’s rate revision application supported a decrease of 1.28%. It further noted the company needed to include a correction of the GST rate and the inclusion of finance fee revenue, resulting in a total rate decrease of 3.3%